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一文读懂股权融资常用的24个英文术语

以下是股权融资中常用的24个英文术语：Equity：股本，公司所有者拥有的资产。

Stock：股票，代表公司的一部分所有权。

Shares：股份，股票的一部分，代表公司的一部分所有权。

Board of Directors：董事会，公司的最高决策机构，由股东选举产生。

Shareholder：股东，持有公司股票的人。

Management：管理层，负责公司的日常运营和决策。

Initial Public Offering (IPO)：首次公开募股，公司首次向公众出售股票。

Secondary Offering：二次发行，公司在首次公开募股后再次向公众出售股票。

Private Equity (PE)：私募股权，非公开交易的股权投资。

Venture Capital (VC)：风险投资，提供给初创企业的股权投资。

11.天使投资人（Angel Investor）：提供种子期资金的人，通常是个人投资者。

12.兼并（Merger）：两家或多家公司合并为一个新的公司。

收购（Acquisition）：一家公司购买另一家公司的全部或部分股权。

反收购（Anti-Takeover）：公司采取措施防止被其他公司收购。

股权稀释（Equity Dilution）：由于新发行股票或其他方式导致现有股东所持股份比例下降。

估值（Valuation）：对公司的价值进行评估。

优先股（Preferred Stock）：具有特殊权利的股票，通常在分红和投票方面优于普通股。

可转债（Convertible Bonds）：可以转换为股票的债券。

尽职调查（Due Diligence）：在交易前对潜在投资目标进行详细的调查和分析。

路演（Roadshow）：向投资者展示公司或产品的推广活动。

招股说明书（Prospectus）：包含公司详细信息的文件，用于吸引投资者购买股票。

基石投资者（Cornerstone Investors）：在首次公开募股中承诺购买大量股票的投资者。

LP、GP、VC、PE名词解析

LP、GP、VC、PE名词解析★★风险投资业中的LP、GP、VC、PE名词解析★★在风险投资领域，根据投资规模一般可以将风险投资分为天使基金、VC（风险投资）、PE（私募股权投资）几个级别。

天使基金主要关注原创项目构思和小型初创项目，投资规模大多在300万元以下；风险投资关注初创时期企业长期投资，规模在1000万元以下；私募股权投资主要关注3年内可以上市的成熟型企业。

国外风投停止了业务的同时，国内刚成长起来的风险投资公司日子也不好过。

虽然已经募集到的资金还要投到项目上去，但是，投资的项目已经明显发生了变化。

“PE投资VC化，VC投资天使化”的趋势已经有了苗头。

•VC：Venture Capital：风险投资。

•PE：Private Equity：私募股权；私人股权融资；非上市融资。

•LP：Limited Partnership，通译为有限合伙。

有限合伙企业中又分LP指的是有限合伙人limited partner，就是出钱的,仅仅投资资本,但不参与公司管理（但国内的LP非常强烈的参与公司和资金的管理）。

GP：指的是普通合伙人，general partner，就是负责投资管理的，两方面合起来就采用有限合伙的方式。

•Pre/Post-Money：融资前/融资后估价。

Limited Partnership/LP 这种制度安排是由资金的所有者向贸易操作者提供资金，投资者按约定获取利润的一部分，但不承担超过出资之外的亏损；如果经营者不存在个人过错，投资者亦不得要求经营者对其投资损失承担赔偿责任。

20世纪以来，风险投资行为采用的主要组织形式即为有限合伙（Limited Partnership），且通常以基金的形式存在。

投资人以出资为限对合伙企业债务承担有限责任，而基金管理人以普通合伙人GP的身份对基金进行管理并对合伙企业债务承担无限责任。

这样既能降低投资人的风险，又能促使基金管理人为基金的增值勤勉谨慎服务。

有限合伙制把合伙企业的纳税优势（不需要缴纳企业所得税，只由各个合伙人就其基于合伙份额获取的利润缴纳税金）和公司企业的有限责任特色（不用象合伙人那样对合伙企业的债务承担无限连带责任）结合在一起，并通过一定的契约关系和治理结构安排，降低了普通合伙人的道德风险和有限合伙人的监管成本。

私募基金专用词汇

私募基金专用词汇
《私募基金专用词汇》
私募基金是一种由私人投资者或机构投资者管理的基金，它通常不对公众开放，但可吸收特定的投资者加入。

在私募基金行业中，存在许多专用词汇，了解这些术语对于理解私募基金运作和投资策略至关重要。

1. GP (General Partner): 私募基金中的普通合伙人，通常是基金的管理者和投资者之一。

GP负
责管理基金的日常运作和投资决策。

2. LP (Limited Partner): 有限合伙人，是私募基金的投资者。

LP通常是基金的出资方，但对于
基金决策和管理没有直接的权利和责任。

3. Capital Call: 资金募集，指私募基金向LP征集资金的过程。

4. Fund of Funds: 基金的基金，指投资于其他私募基金的基金。

这种基金可以通过分散投资来
降低风险。

5. IRR (Internal Rate of Return): 内部收益率，是用来衡量私募基金投资回报的指标。

6. Hurdle Rate: 障碍利润率，指私募基金在投资中需要达到的最低回报率。

7. Carry: 分成，指私募基金投资者在达到一定回报率后，基金管理者获取的额外利润分成。

8. Due Diligence: 尽职调查，指投资者对潜在投资项目进行的调查和分析过程。

以上是私募基金行业中常见的一些专用词汇，对于想要深入了解私募基金运作和投资的人来说，熟悉这些术语是非常重要的。

理解这些术语有助于投资者更好地理解基金的运作方式，从而更好地进行投资决策。

罗斯公司理财第九版课后习题答案中文版

申明：转载自第一章1.在所有权形式的公司中,股东是公司的所有者。

股东选举公司的董事会,董事会任命该公司的管理层。

企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。

管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。

在这种环境下,他们可能因为目标不一致而存在代理问题。

2.非营利公司经常追求社会或政治任务等各种目标。

非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。

3.这句话是不正确的。

管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。

4.有两种结论。

一种极端,在市场经济中所有的东西都被定价。

因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。

另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。

一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。

然而,该公司认为提高产品的安全性只会节省20美元万。

请问公司应该怎么做呢”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。

6.管理层的目标是最大化股东现有股票的每股价值。

如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。

如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。

然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。

现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。

7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。

较少的私人投资者能减少不同的企业目标。

高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。

此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。

私募股权投资基金概念整理

私募股权投资基金简介Private Equity（简称“PE”）在中国通常称为私募股权投资，从投资方式角度看，依国外相关研究机构定义，是指通过私募形式对私有企业，即非上市企业进行的权益性投资，在交易实施过程中附带考虑了将来的退出机制，即通过上市、并购或管理层回购等方式，出售持股获利。

有少部分PE基金投资已上市公司的股权（如后面将要说到的PIPE），另外在投资方式上有的PE投资如Mezzanine投资亦采取债权型投资方式。

不过以上只占很少部分，私募股权投资仍可按上述定义。

定义广义的私募股权投资为涵盖企业首次公开发行前各阶段的权益投资,即对处于种子期、初创期、发展期、扩展期、成熟期和Pre-IPO各个时期企业所进行的投资，相关资本按照投资阶段可划分为创业投资(Venture Capital)、发展资本（development c apital）、并购基金（buyout/buyin fund）、夹层资本（Mezzanine Capital）、重振资本（turnaround），Pre-IPO资本（如b ridge finance），以及其他如上市后私募投资（private investment in public equity,即PIPE）、不良债权distressed debt和不动产投资（real estate）等等（以上所述的概念也有重合的部分）。

狭义的PE主要指对已经形成一定规模的，并产生稳定现金流的成熟企业的私募股权投资部分，主要是指创业投资后期的私募股权投资部分，而这其中并购基金和夹层资本在资金规模上占最大的一部分。

在中国PE多指后者，以与VC区别。

并购基金和夹层资本这里着重介绍一下并购基金和夹层资本。

并购基金是专注于对目标企业进行并购的基金，其投资手法是，通过收购目标企业股权，获得对目标企业的控制权，然后对其进行一定的重组改造，持有一定时期后再出售。

并购基金与其他类型投资的不同表现在，风险投资主要投资于创业型企业，并购基金选择的对象是成熟企业；其他私募股权投资对企业控制权无兴趣，而并购基金意在获得目标企业的控制权。

私募股权英语词汇(Private Equity Glossary)

Updated 9/9/02Private Equity Glossary“A” round – a financing event whereby venture capitalists become involved in a fast growth company that was previously financed by founders and/or angels.Accredited investor – a person or legal entity, such as a company or trust fund, that meets certain net worth and income qualifications and is considered to be sufficiently sophisticated to make investment decisions in complex situations. Regulation D of the Securities Act of 1933 exempts accredited investors from protection under the Securities Act. Typical qualifications for a person are: $1 million net worth and annual income exceeding $200,000 individually or $300,000 with a spouse. Directors and executive officers are considered to be accredited investors.Alternative asset class – a class of investments that includes private equity, real estate, and oil and gas, but excludes publicly traded securities. Pension plans, college endowments and other relatively large institutional investors typically allocate a certain percentage of their investments to alternative assets with an objective to diversify their portfolios.Angel – a wealthy individual that invests in companies in relatively early stages of development. Usually angels invest less than $1 million per startup. The typical angel-financed startup is in concept or product development phase.Anti-dilution – a contract clause that protects an investor from a substantial reduction in percentage ownership in a company due to the issuance by the company of additional shares to other entities. The mechanism for making adjustments is called a Ratchet.“B” round – a financing event whereby professional investors such as venture capitalists are sufficiently interested in a company to provide additional funds after the “A” round of financing. Subsequent rounds are called “C”, “D” and so on.Best efforts offering – a commitment by a syndicate of investment banks to use best efforts to ensure the sale to investors of a company’s offering of securities. In a best efforts offering, the syndicate avoids any firm commitment for a specific number of shares or bonds.This document was developed by Professor Colin Blaydon and Professor Fred Wainwright as a basis for class discussion rather thanto illustrate either effective or ineffective management. The authors gratefully acknowledge the support of the Foster Center For Private Equity.Copyright Colin C. Blaydon, 2001, 2002. All rights reserved.Beta Product – a product that is being tested by potential customers prior to being formally launched into the marketplace.Blow-out round – see Cram-down round.Board of directors – a group of individuals, typically composed of managers, investors and experts, which have a fiduciary responsibility for the well being and proper guidance of a corporation. The board is elected by the shareholders.Boat anchor – a person, project or activity that hinders the growth of a company.Book – see Private placement memorandum.Bootstrapping – the actions of a startup to minimize expenses and build cash flow, thereby reducing or eliminating the need for outside investors.Bridge financing – temporary funding that will eventually be replaced by permanent capital from equity investors or debt lenders. In venture capital, a bridge is usually a short term note (6 to 12 months) that converts to preferred stock. Typically, the bridge lender has the right to convert the note to preferred stock at a price that is a 20% discount from the price of the preferred stock in the next financing round.See Wipeout bridge and Hamburger Helper bridge.Broad-based weighted average ratchet - a type of anti-dilution mechanism. A weighted average ratchet adjusts downward the price per share of the preferred stock of investor A due to the issuance of new preferred shares to new investor B at a price lower than the price investor A originally received. Investor A’s preferred stock is repriced to a weighted average of investor A’s price and investor B’s price. A broad-based ratchet uses all common stock outstanding on a fully diluted basis (including all convertible securities, warrants and options) in the denominator of the formula for determining the new weighed average price. See Narrow-based weighted average ratchet.Burn rate – the rate at which a startup with little or no revenue uses available cash to cover expenses. Usually expressed on a monthly or weekly basis.Business plan – a document that describes a new concept for a business opportunity. A business plan typically includes the following sections: executive summary, market need, solution, technology, competition, marketing, management, operations and financials.Buyout – a sector of the private equity industry. Also, the purchase of a controlling interest of a company by an outside investor (in a leveraged buyout) or a management team (in a management buyout).Buy-sell agreement – a contract that sets forth the conditions under which a shareholder must first offer his or her shares for sale to the other shareholders before being allowed to sell to entities outside the company.C corporation – an ownership structure that allows any number of individuals or companies to own shares. A C corporation is a stand-alone legal entity so it offers some protection to its owners, managers and investors from liability resulting from its actions. Capital call – when a private equity fund manager (usually a “general partner” in a partnership) requests that an investor in the fund (a “limited partner”) provide additional capital. Usually a limited partner will agree to a maximum investment amount and the general partner will make a series of capital calls over time to the limited partner as opportunities arise to finance startups and buyouts.Capitalization table – a table showing the owners of a company’s shares and their ownership percentages. It also lists the forms of ownership, such as common stock, preferred stock, warrants and options.Capital gains – a tax classification of investment earnings resulting from the purchase and sale of assets. Typically, an investor prefers that investment earnings be classified as long term capital gains (held for a year or longer), which are taxed at a lower rate than ordinary income.Capital stock – a description of stock that applies when there is only one class of shares. This class is known as “common stock”.Capped participating preferred stock – preferred stock whose participating feature is limited so that an investor cannot receive more than a specified amount. See Participating preferred stock.Carried interest – a share in the profits of a private equity fund. Typically, a fund must return the capital given to it by limited partners plus any preferential rate of return before the general partner can share in the profits of the fund. The general partner will then receive a 20% carried interest, although some successful firms receive 25%-30%. Also known as “carry” or “promote.”Catch-up – a clause in the agreement between the general partner and the limited partners of a private equity fund. Once the limited partners have received a certain portion of their expected return, the general partner can then receive a majority of profits until the previously agreed upon profit split is reached.Change of control bonus – a bonus of cash or stock given by private equity investors to members of a management group if they successfully negotiate a sale of the company for a price greater than a specified amount.Clawback – a clause in the agreement between the general partner and the limited partners of a private equity fund. The clawback gives limited partners the right to reclaim a portion of disbursements to a general partner for profitable investments based on significant losses from later investments in a portfolio.Closing – the conclusion of a financing round whereby all necessary legal documents are signed and capital has been transferred.Collateral – hard assets of the borrower, such as real estate or equipment, for which a lender has a legal interest until a loan obligation is fully paid off.Commitment – an obligation, typically the maximum amount that a limited partner agrees to invest in a fund.Common stock – a type of security representing ownership rights in a company. Usually, company founders, management and employees own common stock while investors own preferred stock. In the event of a liquidation of the company, the claims of secured and unsecured creditors, bondholders and preferred stockholders take precedence over common stockholders. See Preferred stock.Comparable – a publicly traded company with similar characteristics to a private company that is being valued. For example, a telecommunications equipment manufacturer whose market value is 2 times revenues can be used to estimate the value of a similar and relatively new company with a new product in the same industry. See Liquidity discount.Control – the authority of an individual or entity that owns more than 50% of equity in a company or owns the largest block of shares compared to other shareholders.Consolidation – see Rollup.Conversion – the right of an investor or lender to force a company to replace the investor’s preferred shares or the lender’s debt with common shares at a preset conversion ratio. A conversion feature was first used in railroad bonds in the 1800’s.Convertible debt – a loan which allows the lender to exchange the debt for common shares in a company at a preset conversion ratioConvertible preferred stock – a type of stock that gives an owner the right to convert to common shares of stock. Usually, preferred stock has certain rights that common stock doesn’t have, such as decision-making management control, a promised return on investment (dividend), or senior priority in receiving proceeds from a sale or liquidation of the company. Typically, convertible preferred stock automatically converts to common stock if the company makes an initial public offering (IPO). Convertible preferred is the most common tool for private equity funds to invest in companies.Convertible security – a security that gives its owner the right to exchange the security for common shares in a company at a preset conversion ratio. The security is typically preferred stock, warrants or debt.Co-sale right- the right that gives the investor a contractual right to sell some of the investor’s stock along with the founder’s stock if the founder elects to sell stock to a third-party.Cost of revenue – the expenses generated by the core operations of a company.Covenant – a legal promise to do or not do a certain thing. For example, in a financing arrangement, company management may agree to a negative covenant, whereby it promises not to incur additional debt. The penalties for violation of a covenant may vary from repairing the mistake to losing control of the company.Cram down round – a financing event upon which new investors with substantial capital are able to demand and receive contractual terms that effectively cause the issuance of sufficient new shares by the startup company to significantly reduce (“dilute”) the ownership percentage of previous investors..Cumulative dividends – the owner of preferred stock with cumulative dividends has the right to receive accrued (previously unpaid) dividends in full before dividends are paid to any other classes of stock.Current ratio – the ratio of current assets to current liabilities.Deal flow – a measure of the number of potential investments that a fund reviews in any given period.Debt service – the ratio of a loan payment amount to available cash flow earned during a specific period. Typically lenders insist that a company maintain a certain debt service ratio or else risk penalties such as having to pay off the loan immediately.Default – a company’s failure to comply with the terms and conditions of a financing arrangement.Defined benefit plan – a company retirement plan in which both the employee and the employer contribute to the plan. Typically the plan is based on the employee’s salary and number of years worked. Fixed benefits are outlined when the employee retires. The employer bears the investment risk and is committed to providing the benefits to the employee. Defined benefit plan managers can invest in private equity funds.Defined contribution plan – a company retirement plan in which the employee elects to contribute some portion of his or her salary into a retirement plan, such as a 401(k) or 403(b). With this type of plan, the employee bears the investment risk. The benefits depend solely on the amount of money made from investing the employee’s contributions. Defined contribution plan capital cannot be invested in private equity funds.Demand rights – a type of registration right. Demand rights give an investor the right to force a startup to register its shares with the SEC and prepare for a public sale of stock (IPO).Dilution – the reduction in the ownership percentage of current investors, founders and employees caused by the issuance of new shares to new investors.Dilution protection – see Anti-dilution and Ratchet.Direct costs – see Cost of revenue.Disbursement – an investment by a fund in a company.Discount rate – the interest rate used to determine the present value of a series of future cash flows.Discounted cash flow (DCF) – a valuation methodology whereby the present value of all future cash flows expected from a company is calculated.Distribution – the transfer of cash or securities to a limited partner resulting from the sale, liquidation or IPO of one or more portfolio companies in which a general partner chose to invest.Dividends – regular payments made by a company to the owners of certain securities. Typically, dividends are paid quarterly, by approval of the board of directors, to owners of preferred stock.Down round – a round of financing whereby the valuation of the company is lower than the value determined by investors in an earlier round.Drag-along rights – the contractual right of an investor in a company to force all other investors to agree to a specific action, such as the sale of the company.Drive-by VC – a venture capitalist that only appears during board meetings of a portfolio company and rarely offers advice to management.Due diligence – the investigatory process performed by investors to assess the viability of a potential investment and the accuracy of the information provided by the target company.Early stage – the state of a company after the seed (formation) stage but before middle stage (generating revenues). Typically, a company in early stage will have a core management team and a proven concept or product, but no positive cash flow.Earnings before interest and taxes (EBIT) – a measurement of the operating profit of a company. One possible valuation methodology is based on a comparison of private and public companies’ value as a multiple of EBIT.Earnings before interest, taxes, depreciation and amortization (EBITDA) – a measurement of the cash flow of a company. One possible valuation methodology is based on a comparison of private and public companies’ value as a multiple of EBITDA.Earn out- an arrangement in which sellers of a business receive additional future payments, usually based on financial performance metrics such as revenue or net income.Elevator pitch – a concise presentation, lasting only a few minutes (an elevator ride), by an entrepreneur to a potential investor about an investment opportunity.Employee Stock Ownership Program (ESOP) – a plan established by a company to reserve shares for long-term incentive compensation for employees.Equity – the ownership structure of a company represented by common shares, preferred shares or unit interests. Equity = Assets – Liabilities.ESOP – see Employee Stock Ownership Program.Evergreen fund – a fund that reinvests its profits in order to ensure the availability of capital for future investments.Exit strategy – the plan for generating profits for owners and investors of a company. Typically, the options are to merge, be acquired or make an initial public offering (IPO). Expansion stage – the stage of a company characterized by a complete management team and a substantial increase in revenues.Fairness opinion – a letter issued by an investment bank that charges a fee to assess the fairness of a negotiated price for a merger or acquisition.Firm commitment - a commitment by a syndicate of investment banks to purchase all the shares available for sale in a public offering of a company. The shares will then be resold to investors by the syndicate.Flipping – the act of selling shares immediately after an initial public offering. Investment banks that underwrite new stock issues attempt to allocate shares to new investors that indicate they will retain the shares for several months. Often management and venture investors are prohibited from selling IPO shares until a “lock-up period” (usually 6 to 12 months) has expired.Founder – a person who participates in the creation of a company. Typically, founders manage the company until it has enough capital to hire professional managers.Founders stock – nominally priced common stock issued to founders, officers, employees, directors, and consultants.Friends and family financing – capital provided by the friends and family of founders of an early stage company. Founders should be careful not to create an ownership structure that may hinder the participation of professional investors once the company begins to achieve success.Full ratchet – an anti-dilution protection mechanism whereby the price per share of the preferred stock of investor A is adjusted downward due to the issuance of new preferred shares to new investor B at a price lower than the price investor A originally received. Investor A’s preferred stock is repriced to match the price of investor B’s preferred stock. Usually as a result of the implementation of a ratchet, company management and employees who own a fixed amount of common shares suffer significant dilution. See Narrow-based weighted average ratchet and Broad-based weighted average ratchet. Fully diluted basis – a methodology for calculating any per share ratios whereby the denominator is the total number of shares issued by the company on the assumption that all warrants and options are exercised and preferred stock.Fund-of-funds – a fund created to invest in private equity funds. Typically, individual investors and relatively small institutional investors participate in a fund-of-funds to minimize their portfolio management efforts.Gatekeepers- intermediaries which endowments, pension funds and other institutional investors use as advisors regarding private equity investments.General partner (GP) – a class of partner in a partnership. The general partner retains liability for the actions of the partnership. In the private equity world, the GP is the fund manager while the limited partners (LPs) are the institutional and high net worth investors in the partnership. The GP earns a management fee and a percentage of profits (see Carried interest).GP – see General partner.Grossing up – an adjustment of an option pool for management and employees of a company which increases the number of shares available over time. This usually occurs after a financing round whereby one or more investors receive a relatively large percentage of the company. Without a grossing up, managers and employees would suffer the financial and emotional consequences of dilution, thereby potentially affecting the overall performance of the company.Growth stage – the state of a company when it has received one or more rounds of financing and is generating revenue from its product or service. Also known as “middle stage.”Hamburger helper – a colorful label for a traditional bridge loan that includes the right of the bridge lender to convert the note to preferred stock at a price that is a 20% discount from the price of the preferred stock in the next financing round.Hart-Scott-Rodino Act – a law requiring entities that acquire certain amounts of stock or assets of a company to inform the Federal Trade Commission and the Department of Justice and to observe a waiting period before completing the transaction.Harvest – to generate cash or stock from the sale or IPO of companies in a private equity portfolio of investments.Hockey stick – the general shape and form of a chart showing revenue, customers, cash or some other financial or operational measure that increases dramatically at some point in the future. Entrepreneurs often develop business plans with hockey stick charts to impress potential investors.Hot issue – stock in an initial public offering that is in high demand.Hurdle rate – a minimum rate of return required before an investor will make an investment.Incorporation – the process by which a business receives a state charter, allowing it to become a corporation. Many corporations choose Delaware because its laws are business-friendly and up to date.Incubator – a company or facility designed to host startup companies. Incubators help startups grow while controlling costs by offering networks of contacts and shared backoffice resources.Initial public offering (IPO) – the first offering of stock by a company to the public. New public offerings must be registered with the Securities and Exchange Commission. An IPO is one of the methods that a startup that has achieved significant success can use to raise additional capital for further growth. See Qualified IPO.Inside round – a round of financing in which the investors are the same investors as the previous round. An inside round raises liability issues since the valuation of the company has no third party verification in the form of an outside investor. In addition, the terms of the inside round may be considered self-dealing if they are onerous to any set of shareholders or if the investors give themselves additional preferential rights. Institutional investor – professional entities that invest capital on behalf of companies or individuals. Examples are: pension plans, insurance companies and university endowments.Internal rate of return (IRR) – the interest rate at which a certain amount of capital today would have to be invested in order to grow to a specific value at a specific time in the future.Investment thesis / Investment philosophy – the fundamental ideas which determine the types of investments that an investment fund will choose in order to achieve its financial goals.IPO – see Initial public offering.IRR – see Internal rate of return.Issuer – the company that chooses to distribute a portion of its stock to the public.Junior debt – a loan that has a lower priority than a senior loan in case of a liquidation of the asset or borrowing company. Also known as “subordinated debt”.Later stage – the state of a company that has proven its concept, achieved significant revenues compared to its competition, and is approaching cash flow break even or positive net income. Typically, a later stage company is about 6 to 12 months away from a liquidity event such as an IPO or buyout. The rate of return for venture capitalists that invest in later stage, less risky ventures is lower than in earlier stage ventures.LBO – see Leveraged buyout.Lead investor – the venture capital investor that makes the largest investment in a financing round and manages the documentation and closing of that round. The lead investor sets the price per share of the financing round, thereby determining the valuation of the company.Letter of intent – a document confirming the intent of an investor to participate in a round of financing for a company. By signing this document, the subject company agrees to begin the legal and due diligence process prior to the closing of the transaction. Also known as a “Term Sheet”.Leverage – the use of debt to acquire assets, build operations and increase revenues. By using debt, a company is attempting to achieve results faster than if it only used its cash available from pre-leverage operations. The risk is that the increase in assets and revenues does not generate sufficient net income and cash flow to pay the interest costs of the debt.Leveraged buyout (LBO) – the purchase of a company or a business unit of a company by an outside investor using mostly borrowed capital.Limited liability company (LLC) – an ownership structure designed to limit the founders’ losses to the amount of their investment. An LLC does not pay taxes, rather its owners pay taxes on their proportion of the LLC profits at their individual tax rates. Limited partnership – a legal entity composed of a general partner and various limited partners. The general partner manages the investments and is liable for the actions of the partnership while the limited partners are generally protected from legal actions and any losses beyond their original investment. The general partner receives a management fee and a percentage of profits (see Carried interest), while the limited partners receive income, capital gains and tax benefits.Limited partner (LP) – an investor in a limited partnership. The general partner is liable for the actions of the partnership while the limited partners are generally protected from legal actions and any losses beyond their original investment. The limited partner receives income, capital gains and tax benefits.Liquidation – the selling off of all assets of a company prior to the complete cessation of operations. Corporations that choose to liquidate declare Chapter 7 bankruptcy. In a liquidation, the claims of secured and unsecured creditors, bondholders and preferred stockholders take precedence over common stockholders.Liquidation preference – the contractual right of an investor to priority in receiving the proceeds from the liquidation of a company. For example, a venture capital investor with a “2x liquidation preference” has the right to receive two times its original investment upon liquidation.Liquidity discount – a decrease in the value of a private company compared to the value of a similar but publicly traded company. Since an investor in a private company cannot readily sell his or her investment, the shares in the private company must be valued less than a comparable public company.Liquidity event – a transaction whereby owners of a significant portion of the shares of a private company sell their shares in exchange for cash or shares in another, usually larger company. For example, an IPO is a liquidity event.Lock-up agreement – investors, management and employees often agree not to sell their shares for a specific time period after an IPO, usually 6 to 12 months.By avoiding large sales of its stock, the company has time to build interest among potential buyers of its shares.LP – see Limited partner.Management buyout (MBO) – a leveraged buyout controlled by the members of the management team of a company or a division.Management fee – a fee charged to the limited partners in a fund by the general partner. Management fees in a private equity fund typically range from 0.75% to 3% of capital under management, depending on the type and size of fund.Management rights – the rights often required by a venture capitalist as part of the agreement to invest in a company. The venture capitalist has the right to consult with management on key operational issues, attend board meetings and review information about the company’s financial situation.Market capitalization – the value of a publicly traded company as determined by multiplying the number of shares outstanding by the current price per share.MBO – see Management buyout.Mezzanine – a layer of financing that has intermediate priority (seniority) in the capital structure of a company. For example, mezzanine debt has lower priority than senior debt but usually has a higher interest rate and often includes warrants. In venture capital, a mezzanine round is generally the round of financing that is designed to help a company have enough resources to reach an IPO.Middle stage – the state of a company when it has received one or more rounds of financing and is generating revenue from its product or service. Also known as “growth stage.”Multiples – a valuation methodology that compares public and private companies in terms of a ratio of value to an operations figure such as revenue or net income. For example, if several publicly traded computer hardware companies are valued at approximately 2 times revenues, then it is reasonable to assume that a startup computer hardware company that is growing fast has the potential to achieve a valuation of 2 times its revenues. Before the startup issues its IPO, it will likely be valued at less than 2 times revenue because of the lack of liquidity of its shares. See Liquidity discount.Narrow-based weighted average ratchet – a type of anti-dilution mechanism. A weighted average ratchet adjusts downward the price per share of the preferred stock of investor A due to the issuance of new preferred shares to new investor B at a price lower than the price investor A originally received. Investor A’s preferred stock is repriced to a weighed average of investor A’s price and investor B’s price. A narrow-based ratchet uses only common stock outstanding in the denominator of the formula for determining the new weighed average price.NDA – see Non-disclosure agreement.Non-compete – an agreement often signed by employees and management whereby they agree not to work for competitor companies or form a new competitor company within a certain time period after termination of employment.。

国际私募股权和风险投资估值指南2023

国际私募股权和风险投资估值指南2023 The International Private Equity and Venture Capital Valuation Guidelines 2023 (the "Guidelines") provide a comprehensive framework for valuing investments in the private equity and venture capital industry. These guidelines are widely recognized as the global standard for valuation practices in the industry.The purpose of the Guidelines is to promote consistency and transparency in valuation practices across different market participants, including fund managers, investors, auditors, and regulators. By adopting these guidelines, stakeholders can have better comparability of valuations and make more informed investment decisions.The Guidelines cover various aspects of valuation,including determining fair value, measuring performance, and assessing risk. They provide detailed guidance on methodologies such as market approach, income approach, and cost approach. The choice of methodology depends on factors such as the nature of the investment, available data, andmarket conditions.One important aspect emphasized by the Guidelines is the consideration of market conditions when determining fair value. This requires assessing both general economic conditions and specific market factors that impact the investee company's performance. Valuations should reflect realistic expectations based on these conditions rather than relying solely on historical data.In addition to fair value measurement, the Guidelines also address issues related to timing of valuations. They recommend conducting valuations at least annually or whenever there are significant events that could affect the value of an investment. There is also guidance on updating valuation assumptions when new information becomes available.Furthermore, the Guidelines address specific issues related to venture capital investments. These include valuingearly-stage companies with limited operating history or cash flow visibility. The Guidelines recognize thattraditional valuation methods may not be appropriate in these cases and suggest alternative approaches such as option pricing models or comparable transaction analysis.It is worth noting that while adherence to these Guidelines is voluntary, many industry participants choose to follow them due to their wide acceptance and credibility. Compliance with these guidelines enhances transparency and reduces potential discrepancies in valuation practices among different players.In conclusion, the International Private Equity and Venture Capital Valuation Guidelines 2023 provide a comprehensive framework for valuing investments in this industry. By promoting consistency, transparency, and realistic expectations in valuation practices, these guidelines contribute to better decision-making and increased investor confidence.我的问题是：国际私募股权和风险投资估值指南2023《国际私募股权和风险投资估值指南2023》（以下简称“指南”）为私募股权和风险投资行业的投资估值提供了全面的框架。

股权基金术语英语

股权基金术语英语
股权基金（Private Equity Fund）领域有许多专业术语。

以下是一些股权基金领域常见的英语术语：
Limited Partner (LP): 有限合伙人，指投资于股权基金的机构或个人，通常对基金的管理和决策没有直接的参与。

General Partner (GP): 普通合伙人，指负责管理和运营股权基金的合伙人，通常是投资专业人士。

Carried Interest (Carry): 分红权益，是普通合伙人在基金盈利后获得的一部分收益，通常是利润的份额。

Commitment: 承诺，指有限合伙人承诺投资到股权基金中的资金总额。

Fund of Funds (FoF): 基金基金，指投资于其他多个股权基金的基金。

Due Diligence: 尽职调查，是指在投资前对潜在投资标的进行详尽的调查和评估。

Deal Flow: 交易流，指股权基金获得的潜在投资机会或交易建议的数量和质量。

Exit Strategy: 退出策略，指股权基金如何实现投资回报，例如通过公司出售、上市或合并等手段。

Valuation: 估值，是指对投资标的的估值，通常基于财务指标和市场情况。

Leverage: 杠杆，指在投资中使用借款来增加资本规模，以期望提高投资回报。

Portfolio Company: 投资组合公司，指股权基金投资组合中的公司。

这些术语涵盖了股权基金领域的一些关键概念。

在进行股权基金投资或了解该领域时，熟悉这些术语将有助于更好地理解相关业务和交流。

[转载]格雷厄姆成长股估值公式

[转载]格雷厄姆成长股估值公式原文地址：格雷厄姆成长股估值公式作者：Charles_Xie888888作者：指间笑谈注：这是泊来品，没看原著。

对公式作解释也是文章作者。

格雷厄姆成长股估值公式价值＝当前（普通）收益×（8.5+预期年增长率×2）格雷厄姆在《聪明的投资者》中曾提供过“一个简单的公式用于成长股的评价。

这个公式得到的价值数据相当接近于那些用更精密的数学方法计算出的结果。

公式是：价值＝当前（普通）收益×（8.5+预期年增长率×2），这个增长数应该是对下一个7至10年的预测。

”公式解读1、公式中预期年增长率应去除百分比，比如说，预期年增长率为10%时，则代入公式的数字应为10，而不是10%。

2、公式中的8.5，是假设增长率为0时的市盈率倍数3、公式“这个增长数应该是对下一个7至10年的预测”的设定原因在于，一个企业由发展到壮大的最佳成长期大约就是7至10年。

所以巴菲特说，如果不想拥有这家企业十年，就不要持有这有股票十分钟。

4、为什么增长率要乘2并与8.5相加，坦白地说，我也搞不明白，在这点上只能信任格雷厄姆没有忽悠我们。

但就实用性而言，至少在我的多次使用中，未出现过什么较大的偏差。

5、增长率为何选择为15%？巴菲特标准：1991年，巴菲特在致股东的信里写道：“查理和我一起对盈利作出了设定，以15％作为每年公司实质价值增长的目标”，巴菲特选择企业的标准中就有一条，年均复合增长率在15%以上。

我用投资原理综合了多个数据，反复推算出来也得出这个结论，与很多人简单思维的结果一致，说明一个规律，好公司的长期增长率，基本上是差不多的。

6、只有作出定性研究，量化的指标才有意义。

格雷厄姆在《聪明的投资者》指出：“只有在得到对企业的定性调查结果的支持的前提下，量化的指标才是有用的。

”估值的安全边际折扣公式价值＝当前（普通）收益×（8.5+预期年增长率×2）×折扣率公式解读1、格雷厄姆指出安全边际就是价格针对价值大打折扣，从而为投资人提供一定的市场下跌保护，同时，也为投资者获得较大利润提供了可能。

equity在金融中的定义_概述说明以及解释

equity在金融中的定义概述说明以及解释1. 引言1.1 概述Equity是金融领域中一个重要的概念，它在公司财务和投资领域中扮演着关键的角色。

Equity指的是企业或个人在资产净值中所拥有的权益部分。

这部分权益可以通过股票和其他衍生产品来代表，在金融市场上可以进行交易和转让。

1.2 定义在金融中，Equity通常被定义为资产净值与债务之差。

简单来说，就是企业所拥有的净值部分。

这个净值包括了企业创造的所有价值以及所有者对于该企业所投入的资本。

Equity可以被认为是企业所有者拥有的一种权益形式。

1.3 背景Equity作为一个概念在金融领域中已经存在了很长时间，并且具有深远的影响力。

在公司财务中，Equity被用来衡量公司可用于投资和扩张的自有资本，并且为持有者提供了分享公司利润和决策权益的机会。

在投资领域，Equity作为一种投资工具，可以提供持有者对于公司未来增长和收益的分享。

Equity也被广泛应用于风险管理中，用于衡量投资组合的风险和回报关系。

以上是“1. 引言”部分的内容，请参考。

2. Equity在金融中的角色：2.1 概述：Equity（股权）在金融领域中扮演着重要的角色。

它代表了企业或机构的所有权份额，是投资者对于企业资产和收益的一种权益。

Equity不仅仅存在于公司财务中，也广泛应用于投资领域。

2.2 在公司财务中的意义：在公司财务中，Equity代表了股东对于企业的所有权利和经济利益。

股东作为公司的实际拥有者，通过购买股票或认购新发行的股票来获取Equity。

它可以衡量公司价值，并决定股东在分红、决策以及公司重组或并购等关键事项上的话语权。

Equity还反映了一个公司自身价值与债务之间的平衡关系。

当一个企业拥有更多Equity时，意味着其债务比例较低，具备更强的偿债能力和更稳定的财务状况。

同时，Equity也为企业提供了筹集资本、进行扩张和投资等活动的来源。

2.3 在投资领域的应用：除了在公司财务中具有重要意义外，Equity也在投资领域发挥着关键作用。

外文翻译《Private Equity》私募股权投资

外文翻译《Private Equity》私募股权投资Word文档见同（本）上传账号出处：Investment Banking,2010:19-43,DOI:10.1007/978-3-540-937 65-4-2作者：Professor Giuliano Iannotta译文：私募股权投资一、引言人们可能不知道为什么一本投资银行的书包含了私人股本的章节。

我可以提供两种不同的答案。

首先，私募股权基金是投资银行日益重要的客户。

Fruhan （2006）报告说，私人股本占主要投资银行总收入的25%以上，2005年私人股本占美国并购收入20%。

在德国的比例则更高（约35％）。

2001-2006年期间701次美国上市中有70%进行了首次公开发行私募基金。

其次，投资银行是私募股权行业的日益重要的参与者。

几乎所有主要的投资银行都管理一些私募股本基金。

例如，Morrison and Wilhelm (2007)报告说，高盛比其他私人股本参与者有更多的资本投资于私人股本。

这两个原因也解释了人力资源从投资银行流向私人股本行业的流动性日益增加。

本章旨在分析私人股权业务的主要技术问题。

本章的过程如下。

2.2节提供了一个私人股本活动分类。

2.3节分析了提供资金的投资者和管理资金的专业人士之间的协议。

2.4节介绍了如何衡量私募基金的业绩。

2.5节总结了长期负债表的主要特点以规范私人股权投资。

第2.6和2.7节说明估价方式用于私人股本专业人士来决定他们的投资方法。

第2.8节是结论。

二、定义私人股本行业可能分成两个主要领域：（一）风险资本（VC）和（二）买断。

界定风险投资的主要特点是迅速地预期备份公司的“内部增长”：即所得款项用于建立新的业务，而不是收购现有业务。

风险投资行业，可以进一步细分为：（一）早期阶段，（二）扩展阶段，以及（三）后期阶段。

早期阶段的投资，包括一个产品的初始商品化所通过的一切事物。

也许根本就不存在公司。

两种类型的早期投资通常被确定为：（一）种子投资即通过提供的少量资金，以证明一个概念及可以获得创业启动资金;（二）创业投资，旨在完成目标产品开发，市场研究，组装密钥管理，制定商业计划。

科目三《私募股权投资基金(含创业投资基金)基础知识》必考点

科目三《私募股权投资基金（含创业投资基金）基础知识》必考点全称“私人股权投资基金”(Private Equity Fund)，指主要投资于“私人股权”（Private Equity）,即非公开发行和交易股权的投资基金。

包括非上市企业和上市企业非公开发行和交易的普通股、可转换为普通股的优先股和可转换债券.在国际市场上，股权投资基金既有非公开募集(私募)的。

也有公开募集（公募）的。

在我国，只能以非公开方式募集.准确含义应为“私募类私人股权投资基金”.与货币市场基金、固定收益证券等“低风险、低期望收益”资产相比,股权投资基金在资产配置中具有“高风险，高期望收益"特点。

股权投资基金起源于美国。

1946年成立的美国研究与发展公司(ARD)全球第一家公司形式运作的创业投资基金。

早期主要以创业投资基金形式存在。

1953年美国小企业管理局（SBA）成立，1958年设立“小企业投资公司计划”（SBIC），以低息贷款和融资担保的形式鼓励小企业投资公司，以增加对小企业的股权投资。

1973年美国创业投资协会（NVCA）成立，标志创业投资成为专门行业。

20世纪50～70年代，主要投资于中小成长型企业,是经典的狭义创投基金.70年代后，开始拓展到对大型成熟企业的并购投资，狭义创投发展到广义。

1976年KKR成立，专业化运作并购投资基金，经典的狭义的私人股权投资基金.特别是80年代美国第四次并购浪潮，催生了黑石（1985）、凯雷（1987）、和德太(1992）等著名并购基金管理机构。

过去，并购基金管理机构作为NVCA会员享受行业服务并接受行业自律。

2007年，KKR、黑石、凯雷、德太等脱离NVCA，发起设立服务于狭义股权投资基金管理机构的美国私人股权投资协会（PEC)。

狭义上的股权投资基金特指并购投资基金，但后来的并购投资基金管理机构也兼做创业投资，同时市场上出现了主要从事定向增发股票投资的股权投资基金、不动产投资基金等新的股权投资基金品种，一般广义股权投资基金概念。

私募基金词汇中英文

私募基金词汇中英文安永金融服务转让定价C –私募基金的定义及概念下文中的术语可能被用于安永对私募基金转让定价的陈述中。

应注意的是，这些术语的定义仅为提供背景资料，其中某些术语的定义专用于转让定价。

当用于其它场合时，该术语或许会有不同的解释。

此外，业内不同当事方对于某些术语的理解存在轻微的差异，我们在此提供的仅仅是较为常用的释义。

术语定义管理资产规模(AUM) (Assets Under Management )管理资产规模指投资人交付给基金而由基金经理所管理的资产的货币价值。

资本(Capital)是指基金所持有的用于投资的资本额。

附带权益(Carried Interest)附带权益是向私募基金普通合伙人支付的，以基金利润的一定股份比例计算的一种绩效激励。

附带权益可以基于整个基金计算（取决于基金经理对整个基金全部投资组合的收益），也可以基于单个投资计算（取决于投资经理代表基金经理所进行的单个投资所取得的收益）。

交易搜索(Deal Sourcing)是指对潜在投资机会的发现和确认。

尽职调查(Due Diligence)是指对潜在投资机会的调查或者稽核，通常包括对投资目标的运作、财务和税务方面所作的尽职调查。

基金经理(Fund Manager)基金经理持有跟基金所签署的投资管理合同，负责提供投资管理服务。

通常，基金经理会把许多职能外包给关联方，但仍保留作为基金经理的信托责任。

普通合伙人(General Partner)私募基金管理公司的管理合伙人对于有限合伙企业的债务和其他义务负有无限责任，同时，其有权参与该有限合伙企业的管理。

普通合伙人是资本投资者与寻求资本以获得发展的企业二者之间的中间人。

高水平线(High-WaterMark)是指基金经理为了获得附带权益而必须达到的基金收益目标。

投资顾问(Investment Advisor)投资顾问受基基金经理委派，扮演投资建议提供者的角色。

投资顾问通常承担交易搜获和尽职调查的职责。

2021~2022 CFA二级笔记19-财报-金融机构分析

CFA二级笔记19-财报-金融机构分析本章框架银行和保险公司分析是重点【错题笔记】错题1反思：underwriting expense 比率提升了，并不能反应其保费收入能力提高了...错题2反思：对于金融机构来说，高质量的收入是利息收入，而材料体现的是交易收入（这部分不稳定），越低越好。

错题3反思：对单词意思不理解...A项，应是更保守（more conservative），因为坏账损失loss 多计B项，trail指的是滞后于···举一个例子，如下，小盘股就是滞后于大盘股的涨跌根据材料得知，坏账损失并没有滞后于收回金额Ｃ项，cushion，指的是保护垫，这里可以理解为储备金对坏账损失的保护度，根据计算是逐渐下降的【学习笔记】一、characteristic of financial institutions二、analyzing a bankcapital adequacy：通俗来讲，即保命钱的充足性CET1（一级资本）：权益科目（为保证going concern的钱）other tier 1 capital：优先股（可股可债，之所以可以定义为债，因为有着共同的特点：无投票权、固定分红（相当于固定利息）、优先偿还）CET2（二级资本）：债权科目（如果银行跨了怎么办，gone concern，动用债权资金偿还储户）注意：针对 not impaired 资产进行allowance（资产备抵账户，减值）LCR：流动资产覆盖率分母是压力测试下一个月内银行要流出的现金流分子是高流动性资产最少要大于100%NSFR：净稳定资产率分子是可用的稳定资产分母是一年内需要的稳定资产（比如要做什么投资）最小也是100%三、analyzing a insurance company。

PE相关术语

普通合伙人(General Partner, GP)大多数时候，GP, LP是同时存在的。

而且他们主要存在在一些需要大额度资金投资的公司里，比如私募基金(PE，Private Equity)，对冲基金(Hedge Fund)，风险投资(Venture Capital)。

可以简单的理解为GP就是公司内部人员。

话句话说，GP是那些进行投资决策以及公司内部管理的人。

举个例子：现在投资公司A共有GP1, GP2, GP3, GP4四个普通合伙人，他们共同拥有投资公司A的100%股份。

因此投资公司A整体的盈利，分红亏损等都和他们直接相关。

再举一个简单的例子，在创新工场里面，李开复则是一个经典的普通合伙人(GP)。

有限合伙人(Limited Partner, LP)我们可以简单的理解为出资人。

很多时候，一个项目需要投资上千万乃至数个亿的资金。

(大多数投资公司，旗下都会有很多个不同的项目)而投资公司的GP们并没有如此多的金钱或者他们为了分摊风险，因此不愿意将那么多的公司资金投资在一个项目上面。

而这个世界上总有些人，他们有很多很多的现金，却没有好的投资方法。

而放在银行吃利息在金融界可是个纯粹的亏钱行为。

于是乎，LP就此诞生了。

LP会在经过一连串手续以后，把自己的钱交由GP去打理，而GP们则会将LP的钱拿去投资项目，从中获取利润，双方再对这个利润进行分成。

这是现实生活中经典的“你(LP)出钱，我(GP)出力”的情况。

在美国，绝大多数情况下，LP都有一个最低投资额度——这个数字一般是600万美金，中国的话我目前了解大多都是600万人民币。

换句话说，如果你没办法一次性投资到600万的资金的话，连入场机会都没有。

此外，为了避免一个LP注资过多，大多数公司也会有一个最高投资额度——常见的则是由1000万至2000万不等。

但这个额度不是必然的，如果LP本身实力比较强大，甚至可以在投资过程中给与帮助的，数个亿的投资额度也是可以看得到的。